BACOL to provide update on legal action to obtain compensation for BAICO OECS policyholders

British American Insurance Company Limited (BAICO) and Colonial Life Insurance Company Limited Policy Holders Group (BACOL) will host a media conference tomorrow, July 26th, 2021, to provide an update on the status of the legal action filed at the Caribbean Court of Justice (CCJ) in “pursuit of fair and equitable compensation” for British American Insurance Company policyholders and beneficiaries in seven OECS countries.

According to a release from BACOL, the virtual media conference will inform Caribbean and international media with updated information for dissemination to their readers, listeners and viewers at home and in the diaspora, on the law suit which was filed at the CCJ) on July 13th, 2021.

The release states that the filing of the lawsuit is the culmination of years of painstaking work and a long journey that began with the formation of BACOL in 2015, “after it emerged that British American policyholders in the OECS would not be offered compensation on par with that awarded to policyholders from other CARICOM nations, following the 2009 collapse of the insurance company.”

The media conference is expected to be addressed by BACOL President, Dr. Patrick Antoine, and the legal team, headed by Mr. Simon Davenport, Q.C.

The release further states that since its formation, BACOL has held consultations with aggrieved policyholders throughout the OECS, to apprise them of their rights, and to invite them to become members of BACOL, the only legally viable option to obtain fair compensation.

“It should be noted that currently, the only other offer of compensation from the appointed judicial managers, is for 30 cents on the dollar. BACOL, through the CCJ and on behalf of its members, is seeking full compensation plus interest for 10 years,” the release indicated.

Media houses are invited to join the Media Conference on the Zoom meeting platform at the following link:

Meeting ID: 832 7374 3441

Passcode: 678534

The next course of action by BACOL, according to the release, will be a series o9f online town hall meetings to apprise policyholders of the lawsuit and answer questions  per the schedule below:

  • Grenada – July 27th, 2021, 6:30 p.m.

Zoom Link:

Meeting ID: 810 6743 0477

Passcode: 56628

  • Dominica, St. Vincent and the Grenadines and St. Kitts and Nevis –July 28th, 2021, 6:30 p.m.

Zoom Link:

Meeting ID: 886 1853 2438

Passcode: 381583

  • Antigua and Barbuda, St. Lucia, Montserrat–July 29th, 2021

Zoom Link:

Meeting ID: 862 2587 8460

Passcode: 110568

  • United Kingdom and the diaspora – July 30th, 2021

Zoom Link:

Meeting ID: 833 5327 2119

Passcode: 875007

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